In the future, companies can transfer details of business transactions and official reports in digital format. Once a company’s entire life cycle has been digitalised and the company uses a digital identity, all transactions and official reporting can be carried out on a reliable and secure basis.
Business operations become easier when companies can also produce all vouchers (orders, invoices and receipts) in electronic and machine-readable format. The data contained in these digital documents will be transferred automatically between systems. Digitalisation also means that the data on digital receipts and e-invoices is automatically entered in bookkeeping accounts.
Companies will be able to receive all financial administration reports on their business operations in real time to support decision-making. When a company has a digital identity, it can also easily check the reliability of its trading partners.
Companies will also be able to submit all statutory notifications and reports to government agencies in a single data transfer when the bookkeeping is in machine-readable format. Each government agency will only receive the information that must be submitted to it by law.
Real-time economy is jointly developed by government agencies, stakeholders and the private sector. The needs of different types of companies and enterprises as well as stakeholders are a key consideration in the development work.